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Published on Friday, April 29, 2022

Spain | GDP grew 0.3% q/q in 1Q21, below expectations

The economy slowed down more than expected in 1Q22 (to 0.3% q/q), mainly due to the weakness of private consumption. However, there are some positive elements in the composition of demand, as growth was supported by a higher-than-expected advance in investment and exports.

Key points

  • Key points:
  • The recovery lost traction at the start of 2022
  • The rise in net external demand prevented a contraction in activity.
  • Positive surprises in investment and exports failed to offset the negative one in consumption
  • Employment grew, but productivity fell

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